CBRE Group, Inc.’s U.S. Healthcare Capital Markets announced the closing of Baylor Irving MOB III, a medical office building (MOB) in Irving, Texas. Irving Hospital Authority is listed as the acquirer in the deal, and Madison Marquette is the seller.
The property is a Class A, 54,941-square-foot medical outpatient MOB positioned on the campus of the 293-bed Baylor Scott & White Medical Center – Irving, an acute care hospital. The recently developed property is currently 68% occupied by five tenants including an investment grade-credit health system, regional physician groups and private practices. Approximately 22% of the property is leased to HealthTexas Resource Network, a member of Baylor Scott & White Health. Other tenants include Arlington Orthopedic Associates, Touchstone Medical Imaging, Dallas Nephrology Associates and Pure Dermatology Associates.
Irving Hospital Authority is a company created by the City of Irving, Texas in 1959. The company is a property owner of five projects in the Irving area.
CBRE U.S. Healthcare Capital Markets acted as the seller’s exclusive advisors. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this transaction marks the 27th MOB acquisition of 2024. In 2023, 194 MOB transactions were reported. CBRE acted as advisor on 13 deals during 2023, mostly in the MOB specialty.
